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BTC 
ETH While the crypto market is in turmoil, well-known analysts interpret Bitcoin as breaking through the US$70,000 mark
While the cryptocurrency market is experiencing turmoil, well-known analyst Benjamin Cowan hosted a live broadcast and talked with industry experts Guy and Rob discussed the market dynamics behind Bitcoin breaking through US$70,000 and hitting the US$72,000 mark.
Short positions become the main driver
Analysts pointed out that the liquidation of short positions played a key role in this round of gains. Short positions worth about $2.6 billion were forcibly closed in the short term, driving prices up rapidly. But experts also stressed that this alone is not enough to start a sustainable bull market. Analyst Guy believes that the market bottom may have passed, but if the market is to continue, it will require strong buying support in the spot market, rather than just the short squeeze effect of the derivatives market. Data showed that the spot Bitcoin ETF welcomed a net capital inflow of more than US$500 million, which was seen as a positive signal. If there is a correction in the future, the US$65,000 to US$67,000 range that previously served as resistance may turn into a strong support level.
Macroeconomic policies resonate with risk aversion
U.S. Treasury Secretary Scott Bessant announced that the United States will double its bond repurchase operations as part of a liquidity support program. This news triggered a strong reaction from the market. Analysts pointed out that although the move was not a direct monetary expansion, it sent a key intervention signal and injected confidence into the market. However, considering that the size of U.S. Treasury bonds is close to US$40 trillion and global geopolitical tensions, investors continue to turn to hard assets to hedge against the devaluation of fiat currencies, which has pushed bitcoin and gold prices to rise simultaneously.
Ethereum and altcoin markets diverge
Analysts also paid attention to the trends of the Ethereum and altcoin markets. The exchange rate of Ethereum relative to Bitcoin (ETH/BTC) has rebounded significantly in recent weeks, with institutional investors showing interest in its passive income (pledge) opportunities. On the other hand, analysts believe that the past general trend in which all altcoins rose simultaneously may have ended, and the market is entering a stage of differentiation, and only projects with real application scenarios and liquidity can survive.
The Federal Reserve's interest rate policy is still uncertain
Finally, analysts shared their views on the Federal Reserve's interest rate policy. They pointed out that inflationary pressures and geopolitical risks have not yet fully subsided. In addition, given that the central banks of the United Kingdom, Japan, Australia and other countries have taken relevant actions, the possibility of raising interest rates in the United States should not be completely ruled out.
